Chapter 12 Accounting for Partnerships and Limited Liability Companies 615 OBJ. 2 EX 12-3 Dividing partnership income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, re- spectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: (a) no agreement concerning division of net income; (b) divided in the ratio of original capital investment; (c) interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3; (d) salary allowances of $36,000 and $45,000, respectively, and the balance divided equally; (e) allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $45,000, respectively, and the remainder divided equally